Sarah Ketterer Causeway Capital Management
Sarah Ketterer is co-founder and CEO of Causeway Capital Management, a firm specializing in international and global value equities. Causeway is known for disciplined valuation work across developed and emerging markets. Ketterer’s commentary is often sought for perspective on non-U.S. equities, currencies, and relative value abroad.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI EAFE ETF
EFA
|
+$450M |
| 2 |
Carrier Global
CARR
|
+$99.6M |
| 3 |
Carnival Corporation Ltd
CCL
|
+$84.1M |
| 4 |
Everest Group
EG
|
+$59.3M |
| 5 |
iShares MSCI India ETF
INDA
|
+$44.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Canadian Pacific Kansas City
CP
|
+$88.4M |
| 2 |
JD.com
JD
|
+$60.5M |
| 3 |
Deutsche Bank
DB
|
+$57.8M |
| 4 |
B
Barrick Mining
B
|
+$49.6M |
| 5 |
International Flavors & Fragrances
IFF
|
+$45.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 23.05% |
| 2 | Financials | 18.11% |
| 3 | Industrials | 15.72% |
| 4 | Materials | 8.55% |
| 5 | Healthcare | 7.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
ICICI Bank
IBN
$107B
| $13.4M | 0.18% |
444,660
| – | – |
|
77
Sumitomo Mitsui Financial
SMFG
$159B
| $13.4M | 0.18% |
800,903
+499,107
| +165% | +$8M |
|
78
HDFC Bank
HDB
$121B
| $13.2M | 0.17% |
385,186
+10,008
| +3% | +$369K |
|
79
Vanguard FTSE All-World ex-US Small-Cap Index Fund
VSS
$12B
| $12.9M | 0.17% |
90,227
+28,641
| +47% | +$3.97M |
|
|
CGAU
80
Centerra Gold
CGAU
$4.65B
| $9.25M | 0.12% |
863,377
+227,876
| +36% | +$1.82M |
|
81
iShares MSCI Saudi Arabia ETF
KSA
$632M
| $7.89M | 0.1% |
194,437
-116,314
| -37% | -$4.42M |
|
82
MakeMyTrip
MMYT
$5.69B
| $7.71M | 0.1% |
82,319
-1,202
| -1% | -$117K |
|
83
Infosys
INFY
$48.4B
| $4.62M | 0.06% |
283,927
| – | – |
|
84
iShares China Large-Cap ETF
FXI
$4.28B
| $2.92M | 0.04% |
+71,000
| New | +$2.74M |
|
85
Dr. Reddy's Laboratories
RDY
$10.1B
| $2.22M | 0.03% |
159,139
| – | – |
|
86
Millicom
TIGO
$15.7B
| $1.84M | 0.02% |
+38,000
| New | +$1.67M |
|
|
GRP.U
87
DELISTED
Granite Real Estate Investment Trust
GRP.U
| $1.32M | 0.02% |
+23,700
| New | +$1.3M |
|
88
iShares MSCI ACWI ETF
ACWI
$33.3B
| $1.3M | 0.02% |
9,427
+967
| +11% | +$128K |
|
89
Wipro
WIT
$18.7B
| $1.25M | 0.02% |
475,731
| – | – |
|
90
iShares MSCI World ETF
URTH
$8.3B
| $1.12M | 0.01% |
+6,151
| New | +$1.08M |
|
91
Fortuna Silver Mines
FSM
$3.57B
| $1.04M | 0.01% |
+115,867
| New | +$846K |
|
92
Ituran Location and Control
ITRN
$1.01B
| $730K | 0.01% |
+20,439
| New | +$772K |
|
93
NVIDIA
NVDA
$5.2T
| $710K | 0.01% |
3,805
+174
| +5% | +$30.3K |
|
94
iShares MSCI Taiwan ETF
EWT
$11.2B
| $706K | 0.01% |
+11,100
| New | +$668K |
|
95
Vanguard FTSE All-World ex-US ETF
VEU
$70.6B
| $689K | 0.01% |
9,660
+734
| +8% | +$50.7K |
|
96
Microsoft
MSFT
$3.59T
| $487K | 0.01% |
940
| – | – |
|
97
B2Gold
BTG
$7.29B
| $467K | 0.01% |
94,491
| – | – |
|
|
JBS
98
JBS N.V.
JBS
$45.5B
| $393K | 0.01% |
26,297
-8,053
| -23% | -$117K |
|
99
Novartis
NVS
$302B
| $263K | ﹤0.01% |
2,054
-30
| -1% | -$3.66K |
|
100
Apple
AAPL
$4.51T
| $236K | ﹤0.01% |
927
-76
| -8% | -$17.2K |
|
Similar funds
Sarah Ketterer's Q3 2025 Portfolio in Review
As of Q3 2025, Sarah Ketterer held 113 positions worth $7.57B, up 20% from $6.32B the previous quarter. Its ten largest holdings account for 59% of the portfolio.
Sarah Ketterer deployed $694M of net new capital in Q3 2025, opening 14 new positions and adding to 53 existing holdings. Its largest new stake was Carrier Global: 1,466,481 shares worth $87.5M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 23% of assets, down from 24% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was Canadian Pacific Kansas City, an estimated $88.4M trimmed.
- Sarah Ketterer's largest Q3 2025 buy was Carrier Global: 1,466,481 shares worth $87.5M.
- Sarah Ketterer added most to iShares MSCI EAFE ETF in Q3 2025, an estimated $450M increase.
- Sarah Ketterer's biggest Q3 2025 reduction was Canadian Pacific Kansas City, cutting an estimated $88.4M.
- Sarah Ketterer fully exited JD.com in Q3 2025, selling an estimated $60.5M.
- Sarah Ketterer's ten largest holdings make up 59% of its $7.57B portfolio in Q3 2025.
- Sarah Ketterer opened 14 new positions and closed 8 in Q3 2025.
- Sarah Ketterer's portfolio value rose 20% quarter-over-quarter to $7.57B.
Based on Causeway Capital Management's 13F filing for Q3 2025, filed 13 Nov 2025.